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Boise Cascade CompanyInvestor Presentation

September 2020

1

Forward Looking StatementsNon-GAAP Financial Measures

Forward-Looking Statements

During the course of this presentation, we may make forward-looking statements or provide forward-looking information. All statements that address expectations or projections about the future are forward-looking statements. Some of these statements include words such as “expects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “projects,” and “indicates.” Although they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties, and assumptions which are difficult to predict. Some of the factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not necessarily limited to, prices for building products, changes in the competitive position of our products, commodity input costs, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. The Company does not undertake any obligation to update any forward-looking statements as a result of future developments or new information.

Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures, including Free Cash Flow, EBITDA and Adjusted EBITDA, designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Our non-GAAP financial measures are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the metrics of calculation. For a reconciliation of Free Cash Flow, net income to EBITDA and Adjusted EBITDA and segment income (loss) to segment EBITDA, see the Appendix to this presentation.

2

Experienced Management Years of

Experience with Company

Wayne RancourtExecutive Vice President, Chief Financial

Officer and Treasurer35

Nate JorgensenChief Executive Officer 33*

Former VP of Distribution for Weyerhaeuser Joined Boise Cascade in 2015 Appointed CEO in 2020

Began career with Boise Cascade in 1983 Appointed CFO in 2009

Seasoned management team with extensive industry experience and proven ability to operate through economic cycles

Nick StokesExecutive Vice President, Building Materials

Division41

Mike BrownExecutive Vice President, Wood Products 21

Began career with Boise Cascade in 1979 Appointed Executive Vice President, Building

Materials Division in 2014

Began career with Boise Cascade in 1999 Appointed Executive Vice President, Wood Products

in 2019

Erin NuxollSenior Vice President, Human Resources 27

Began career with Boise Cascade in 2007 Appointed Vice President, General Counsel and

Corporate Secretary in 2019

* 33 years of industry experience. 5 years with Boise Cascade.

Jill TwedtVice President, General Counsel 13

Began career with Boise Cascade in 1983 Served 10 years as VP of HR for a large, private

multi-national company before returning to BCC Appointed SVP, Human Resources in 2019

3

Geographic Footprint

$241mm LTM Adj. EBITDA2

(1) Segment percentages are calculated before intersegment eliminations.(2) Segment percentages exclude Corporate and Other Segment Expenses.

Large, vertically-integrated building products company operating through two segments:

Wood Products

Leading manufacturer of engineered wood products (“EWP”) and plywood

LTM Sales of ~$1.2Bn and EBITDA of $118mm (9.6% margin)

Building Materials Distribution (“BMD”)

Leading national wholesale distributor

LTM Sales of ~$4.3Bn and EBITDA of $159mm (3.7% margin)

Broad geographic footprint – 54 facilities across North America

Products primarily used in new home construction, repair and remodel, light commercial construction, and certain industrial applications

$4.8Bn LTM Sales1

Boise Cascade at a Glance

ID

FL

NM

DEMD

TX

OK

KS

NE

SD

NDMT

WY

COUT

AZ

NV

WA

CA

OR

KY

ME

NY

VT

NH

MA

RICT

WVINIL

NCTN

SC

ALMSAR

LA

MO

IA

MN

WI

NJ

GA

DCVA

MI

OHPA

HeadquartersEWP Manufacturing Facilities (5)Plywood/Veneer Manufacturing Facilities (8)Lumber Manufacturing Facilities (2)BMD Facilities (38)Component Manufacturing Plant (1)

4

Balance exposure to commodity production

Drive operational excellence

Pursue innovation, including commercial opportunities

Manufacturing Distribution

Identify/execute on scalable, adjacent distribution platforms

Drive operational excellence

Accelerate pace of market penetration, including underserved geographies

Leverage the Integrated Model

Increase Earnings Stability

Accelerate Pace of Transformation

Strategic Priorities

5

Business Model

Manufacturing has superior access to the market through a committed distributor

EWP supply chain visibility and optimization benefits both manufacturing and distribution

BMD benefits from committed manufacturing partnership

Joint service offerings provide unique and significant value to customers

From manufacturing sales through BMD, the Company captures EBITDA margin at both levels

Building Materials Distribution

(“BMD”)

Execution of Vertical Integration is Key Driver of Success

Wood Products(“Manufacturing”)

Vertical Integration Drives Value Proposition

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58%30%

4%8%

Large-scale manufacturing position through the operation of 5 EWP facilities, 8 plywood/veneer plants and 2 sawmills

Products manufactured include EWP, plywood and ponderosa pine shop lumber

34.0 million cubic feet of laminated veneer lumber (“LVL”) capacity and 2,230 million square feet of plywood and parallel laminated veneer (PLV) capacity

Strong “branded” position for EWP products and services

The largest customer is the Company’s Building Material Distribution segment at approximately 60% of Wood Product segment sales

External customers include wholesalers, home improvement centers, retail lumberyards and industrial converters in North America

Segment Description LTM Sales by Product

Engineered Wood Products

Plywood

Other

Sales & Marketing – Technical support services are provided, including

Integrated design

Engineering

Product specification software

Distributor inventory management software

Job-pack preparation systems

Key Services

LVL I-joists Laminated Beams

Wood Products Overview

Lumber

7

Leading Manufacturing Platform

Highlights

#2 engineered wood products (“EWP”) producer in North America

#2 plywood producer in North America

Manufacturing facilities located in 6 states throughout the United States and 1 province in Canada

Competitive Landscape

All Other

Martco Plywood

West FraserRoseburg Forest

Products

Boise Cascade

Georgia Pacific

2019 N.A. Plywood Production Capacity

Source: BCC estimates, FEA, APA

2019 N.A. EWP Solid Section Production Capacity

Boise Cascade

Weyerhaeuser

Pacific Woodtech

Louisiana Pacific

Roseburg Forest Products

Murphy

All Other

Source: BCC estimates, FEA, APA, 10-K filings

Weyerhaeuser

23%

18%

7%6%5%

4%

37%

33%

26%

13%

8%

6%

5%9%

Manufacturing Geographic Footprint

ID

FL

NM

DEMD

TX

OK

KS

NE

SD

NDMT

WY

COUT

AZ

NV

WA

CA

OR

KY

ME

NY

VT

NH

MA

RICT

WVINIL

NCTN

SC

ALMSAR

LA

MO

IA

MN

WI

NJ

GA

DCVA

MI

OHPA

HeadquartersEWP Manufacturing Facilities (5)Plywood/Veneer Manufacturing Facilities (8)Lumber Manufacturing Facilities (2)

8

69%

59%

31%

41%

0

500

1,000

1,500

2,000

2,500

2015 2019

Plywood% EWP%

Wood Products Primary Operations

Volume Mix – 2019Veneer Usage & End Product Use

2,315

(MMSF – 3/8”)

External Distribution

BCC Distribution

77%

23%

EWP

External Distribution

BCC Distribution32%

68%

Plywood

2,181

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Siding Metal Products Insulation Roofing Composite Decking Doors

41%

39%

20% One of the largest U.S. wholesale building

products distributors in North America with 38 distribution facilities and 1 component manufacturing plant

Broad product line of wood products as well as siding, composite decking, doors, metal products, insulation and roofing. Strong alignment with market-leading supplier brands

~4.6 million square feet of warehouse space

~1,000 third-party suppliers, ranging from large manufacturers to smaller regional producers

Sales channel is primarily retail lumberyards and home improvement centers

BMD has ~180 associates dedicated to EWP sales and support services

Segment Description LTM Sales by Product

General Line

Commodity

EWP

Logistics – Truckload shipments, break bulk / packaging, mill direct shipments

Financial – Credit, price risk mitigation related to commodities

Sales & Marketing – Market development / product knowledge, customer service (special orders, warranty claims), technical service (EWP design and specification)

Key Services

Plywood OSB Framing

Lumber

BMD Overview

LVL I-joists Laminated

beams

10

Commodity41%

EWP20%

General Line39%

BMD % ofLTM Sales

Independent Pro Dealers50%

National Pro Chains24%

Home Centers

10%

Other16%

BMD CustomerSales Breakdown

LTM

BMD Products and Channels

Suppliers*

OSBNorbordLouisiana PacificGeorgia PacificWeyerhaeuserHuber

Top 5 Producers ~80% of Market

PlywoodGeorgia PacificBoise CascadeRoseburgWest FraserWeyerhaeuser

Top 5 Producers ~60% of Market

EWPWeyerhaeuserBoise CascadeLouisiana PacificPacific WoodTechRoseburg

Top 5 Producers ~90% of Market

General LineSiding Composite DeckingRebarRoofingDoorsGypsum DrywallMetal Connectors

LumberWest FraserCanforWeyerhaeuserGeorgia PacificInterfor

Top 5 Producers ~35% of Market

*BCC suppliers highlighted in green

Customers

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Prudent Balance Sheet Management and Financial Policy

Net Leverage Over Time

Financial Policy and Operating Priorities

Capital Allocation Priorities

Support organic growth in both businesses Pursue acquisitions opportunistically Modest annual dividend (~$16 million) Supplemental dividends and share

repurchases when appropriate

Conservative Capital Structure

Target gross debt-to-EBITDA of 2.5x Target net leverage under 2.0x

Ample Liquidity $361 million of cash as of June 30, 2020 $345 million of undrawn committed bank line

availability as of June 30, 2020

Increase Productivity and Reduce Expenses

Optimize veneer use within manufacturing system

Drive continuous improvement in cost position

Leverage footprint in place

Liquidity Over Time

12

Capital Allocation Overview

Adjusted EBITDA and Uses of Capital

13

Historical Financial Performance

Total Net Sales ($MM)

Free Cash Flow1 ($MM)

Adjusted EBITDA ($MM)

Capital Expenditures Excl. Acquisitions ($MM)

1 Defined as Adjusted EBITDA less Capital Expenditures (excl. acquisitions)* Decrease in 2016 was primarily due to lower plywood and lumber sales prices. Decrease in 2018 was primarily due to recording impairment losses on assets related to the sale of facilities.

14

Segment Performance

Wood Products Building Materials Distribution

Segment Revenue ($MM)

Segment EBITDA ($MM)

Segment Revenue ($MM)

Segment EBITDA ($MM)

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Appendix

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EWP primarily used in new residential construction

Increased use in residential construction

Stronger and longer than lumber

Fewer pieces used

Open rooms and taller walls

Lower installed cost

Reduced need for skilled labor

Simplified mechanical runs

Consistent, high-quality products result in fewer builder call-backs

Offsite construction requires precise dimensions which plays to EWP strengths

LVL Light Duty

Header

LVL Wall FramingLVL Beam

Glulam

LVL Window & Door Header

Rimboard

I-JoistsStair Stringer

Building Method Trends Favor EWP

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70

80

90

100

110

120

130

2016 2017 2018 2019 LTM 2Q20

Inde

xed

to 1

00

Plywood Price Plywood Volume

Plywood

80

90

100

110

120

2016 2017 2018 2019 LTM 2Q20

Inde

xed

to 1

00

I-joist Price I-joist VolumeLVL Price LVL Volume

EWP

Wood Products Historical Price & Volume

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Structural Panels

79% 79% 79% 80% 81%

55%56%

56% 56% 56%

43%42%

40% 37% 42%

60%61%

62% 63%62%

(5)

-

5

10

15

20

25

30

35

40

2015 2016 2017 2018 2019

billi

on s

quar

e fe

et -

3/8"

bas

is

Source: FEA, APA, Boise Cascade

Percentages represent OSB's portion of each market

New Residential

Non-Residential

Industrial

Repair & Remodel

Exports

Imports

64%65%

65% 66%

% of Total

64%

Total Structural Panel Usage for North America

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Total Company EBITDA Reconciliation and Supplemental Segment Information

Note: EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation and amortization. Additionally, we disclose Adjusted EBITDA, which further adjusts EBITDA to exclude the change in fair value of interest rate swaps and loss on extinguishment of debt.

($ in millions) Q22015 2016 2017 2018 2019 2020 LTM

Net Income $52.2 $38.3 $83.0 $20.5 $80.9 $87.6

Interest Expense 22.5 26.7 25.4 26.2 26.1 26.2

Interest Income (0.3) (0.4) (0.5) (1.6) (2.8) (2.7)

Income Tax Provision 28.5 5.0 34.6 1.6 27.3 29.7

Depreciation and Amortization 55.6 72.8 80.4 146.8 80.1 96.7EBITDA $158.5 $142.5 $222.8 $193.5 $211.6 $237.4

Change in Fair Value of Interest Rate Swaps -- ($4.2) ($0.5) ($0.6) $3.0 $3.3

Loss on Extinguishment of Debt -- 14.3 -- -- -- --Adjusted EBITDA $158.5 $152.5 $222.3 $192.9 $214.6 $240.7

Wood Products $1,282.1 $1,280.4 $1,373.8 $1,533.3 $1,275.2 $1,223.0

Building Materials Distribution 2,891.3 3,227.2 3,773.8 4,287.7 4,137.7 4,316.8

Eliminations & Other (540.0) (596.4) (715.6) (825.7) (769.5) (755.3)Total Sales $3,633.4 $3,911.2 $4,432.0 $4,995.3 $4,643.4 $4,784.5

Wood Products $107.5 $83.5 $116.7 $117.0 $111.9 $117.9

Building Materials Distribution 72.7 98.1 132.3 130.8 137.0 159.0

Corporate & Other (21.7) (29.0) (26.8) (54.8) (34.3) (36.1)Total Company Adjusted EBITDA $158.5 $152.5 $222.3 $192.9 $214.6 $240.7

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Segment Financial Performance and Free Cash Flow Reconciliation

Wood Products

Building Materials Distribution

Free Cash Flow Reconciliation

Note: Free Cash Flow defined as Company Adj. EBITDA less Capital Expenditures (excl. acquisitions)

($ in millions) Q22015 2016 2017 2018 2019 2020 LTM

Segment Income (Loss) $64.2 $25.9 $53.6 ($10.0) $54.2 $44.5

Depreciation and Amortization 43.3 57.5 63.1 127.0 57.7 73.4Segment EBITDA $107.5 $83.5 $116.7 $117.0 $111.9 $117.9

($ in millions) Q22015 2016 2017 2018 2019 2020 LTM

Segment Income $60.8 $84.4 $116.8 $112.5 $116.2 $137.4

Depreciation and Amortization 11.9 13.8 15.5 18.3 20.8 21.5Segment EBITDA $72.7 $98.1 $132.3 $130.8 $137.0 $159.0

($ in millions) Q22015 2016 2017 2018 2019 2020 LTM

Company Adjusted EBITDA $158.5 $152.5 $222.3 $192.9 $214.6 $240.7

Capital Expenditures (excl. acquisitions) 87.5 83.6 75.5 80.0 82.7 78.7Free Cash Flow $70.9 $69.0 $146.8 $113.0 $131.9 $161.9

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Random Lengths Panel Composite

22

Random Lengths Lumber Composite